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Deepak (Financial Analyst )     24 May 2021

Defective IT Return


My client received IT Notice asking for details of Pl account & Balance Sheet.

He is in the business in Insurance & Mediclaim advisor.

He is having bungalow at his native place costing Rs. 5 lac.

My question is, Is he required to show this in his Balance Sheet? If yes under which head?

Thanks in advance. 

 8 Replies

Jay Chichani

Jay Chichani   24 May 2021

Client is Individual then all assets and Liabilities of it shown in Balance Sheet Fixed Asset Head
1 Like
sabyasachi mukherjee

sabyasachi mukherjee   24 May 2021

If he has shown the included the same in the balance sheet , then let him file returns from certified pl and balance sheet.

CA SUDESH KUMAR GUPTA (Chartered Accountants)     24 May 2021

Question is not clear

CMA Poornima Madhava

CMA Poornima Madhava (CMA)     24 May 2021

Has the assessee opted for 44AD? For commission income, 44AD cannot be opted.

Sivaramaraju G

Sivaramaraju G (Learner)     24 May 2021

If bungalow is in his name then you have to show it under fixed assets side.
remember in balance sheet all assets and liabilities not only business or profession related but all the personal assets and liabilities should include.

Sourav (Student)     24 May 2021

Yes show the bungalow under Fixed Assets
veerendar singh

veerendar singh (tax consultant)     24 May 2021

I dont think it is obligatory to report personal assets in the balance sheet of an individual.
sabyasachi mukherjee

sabyasachi mukherjee   25 May 2021

What is his annual income?

According to the CATEGORY of income he will hv to choose his itr form and file returns.

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